Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$ 102,136	$ 112,993
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	48,080	52,851
Stock-based compensation	19,231	24,259
Equity in earnings of equity method investments	(2,698)	(2,097)
Distributions from equity method investments	3,639	3,227
Change in fair value of contingent consideration	(3,014)	(7,300)
Lease termination	0	(1,318)
Deferred taxes, net	6,501	2,226
Changes in operating assets and liabilities:
Sales (purchases) of investments, net	(21,859)	(16,322)
Accounts receivable, net and other assets	14,196	9,994
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(61,429)	(60,793)
Operating activities of consolidated investment products ("CIP"):
Net cash provided by (used in) operating activities	180,245	104,562
Cash Flows from Investing Activities:
Capital expenditures	(5,946)	(3,658)
Net cash provided by (used in) investing activities	(5,424)	(4,816)
Cash Flows from Financing Activities:
Repayments on credit agreement	(39,254)	(17,063)
Refinancing of credit agreement	201,191	0
Payment of deferred financing costs	(7,132)	0
Common stock dividends paid	(48,326)	(42,256)
Repurchase of common shares	(50,000)	(32,368)
Payment of contingent consideration	(23,140)	(24,234)
Taxes paid related to net share settlement of restricted stock units	(7,639)	(11,271)
Investment management subsidiary equity sales (purchases)	(15,849)	(29,014)
Net contributions from (distributions to) noncontrolling interests	9,499	23,894
Net cash provided by (used in) financing activities	(114,246)	(129,506)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,359	659
Net increase (decrease) in cash, cash equivalents and restricted cash	61,934	(29,101)
Cash, cash equivalents and restricted cash, beginning of period	400,309	341,014
Cash, cash equivalents and restricted cash, end of period	462,243	311,913
Non-Cash Financing Activities:
Common stock dividends payable	16,208	15,950
Reconciliation of cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at end of period	462,243	311,913
Consolidated Entity excluding Consolidated Investment Products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments of CIP, net	(5,238)	(6,417)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net	(5,238)	(6,417)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	370,563
Consolidated Investment Products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments of CIP, net	19,931	10,073
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net	19,931	10,073
Purchases of investments by CIP	(799,487)	(924,052)
Sales of investments by CIP	861,104	907,925
Net proceeds (purchases) of short-term investments and securities sold short by CIP	(112)	(353)
Change in other assets and liabilities of CIP	(736)	(2,221)
Amortization of discount on notes payable of CIP	0	1,887
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net	522	(1,158)
Cash Flows from Financing Activities:
Payments on borrowings by CIP	(133,596)	(735,258)
Borrowings by CIP	0	738,064
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net	(10)	$ (26,276)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	90,769
Cash pledged or on deposit of CIP	$ 911

VIRTUS INVESTMENT PARTNERS, INC. 10-Q